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Inventories
 12 Months Ended
Dec. 31, 2023
Inventories  
Inventories

A4. Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs, and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price less applicable variable selling expenses.

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2023

    

2022

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£m

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£m

Raw materials

 

15

 

15

Work in progress

 

3

 

2

Finished goods

 

189

 

183

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207

 

200

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An inventory impairment charge of £3m was recognised in 2023 (2022: £3m). Inventory recognised as an expense during the period was £385m (2022: £280m).Reversals of inventory write-downs during the period were £nil (2022: £nil).